Earnings Per Share (EPS)

9 Months Ended

Sep. 30, 2024

Earnings Per Share (EPS)

Earnings Per Share (EPS)

Note 19: Earnings Per Share (EPS)

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding, adjusted for weighted average unallocated ESOP shares, during the applicable period. Diluted earnings per share is computed using the weighted average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method.

Earnings per common share for the three and nine months ended September 30, 2024 and 2023 is presented in the following table:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(dollars in thousands, except per share amounts)				(dollars in thousands, except per share amounts)
Net income	$	242	$	—	$	792	$	—
Weighted shares outstanding for basic EPS
Weighted average shares outstanding		1,725,000		—		1,725,000		—
Less: Weighted average unallocated ESOP shares		(129,030)		—		(130,410)		—
Less: Weighted average Treasury shares in Rabbi Trust for Deferred Compensation Plan		(40,000)				(40,000)
Weighted average shares outstanding for basic EPS		1,555,970		—		1,554,590		—
Additional dilutive shares		—		—		—		—
Weighted average shares outstanding for dilutive EPS		1,555,970		—		1,554,590		—
Basic income per share	$	0.16	$	—	$	0.51	$	—
Diluted income per share	$	0.16	$	—	$	0.51	$	—